Oil Search posts record profit but shares stagnate

THE share price of PNG oil and gas producer Oil Search failed to recover from last weeks slide although the company managed to post a record first half net profit result of $US373.9 million during the week.

25 August 2006
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Investors dumped the stock last week after doubts were raised over the future of the PNG Pipeline project, with Oil Search shares dipping as low as $A3.16 last week from around $3.

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